Tullow Oil Archives - Wontumi Online

05 Dec

London Court Set To Decide On GRA’s $400M Tax Dispute With Tullow Oil

wontumionlineBusinessGRA, Tax dispute, Tullow Oil

Tullow Oil has provided an update in its Trading Report released on November 29, 2024, revealing that the International Arbitration Court in London is preparing to deliver its decision on the tax dispute with the Ghana Revenue Authority (GRA). The case centres around a $400 million tax assessment, and a verdict is expected by the close of the year after both parties presented their arguments. In the report, Tullow Oil confirmed that a hearing took place in October 2023, with the court’s decision anticipated before the year’s end. Tullow’s CEO, Rahul Dhir, discussed the potential consequences of the court’s ruling earlier this…

10 Aug

Boost For Tullow Oil In Chase For High-Return Production Assets In Africa

wontumionlineBusinessRahul Dhir, Tullow Oil

Africa-focused independent Tullow Oil has received approval from Gabon's government for the extension of several of its licences until 2046, which boosts its resource base in the country. Tullow on Wednesday confirmed the licence extensions increase the value of its resource base through the addition of around 5 million barrels of net 2P — proven and probable — reserves that will deliver approximately 100% 2P reserves replacement in Gabon this year. “This activity is in line with the group’s strategy to focus on its high-return production assets in Africa and unlock value through optimisation of its non-operated portfolio,” said the…

17 Jul

Jubilee Oil Field Production Surpasses 100,000 Barrels A Day – Tullow

wontumionlineBusinessJubilee Oil Field, Jubilee South East, Tullow Oil

Tullow Oil has announced that gross crude production on the Jubilee Field has surpassed 100,000 barrels per day for 2023. This was captured in an operational update to investors on July 17, 2023. According to Tullow Oil, this was after the recent start-up of the Jubilee South East (JSE) project well was brought on stream. Tullow maintained that JSE Wells is performing in line with expectations and increase production rates by 50% compared to the first half of 2023. “Two further wells are on track to be tied in during the remainder of the year”, Tullow added in the investor…

08 Mar

Tullow Oil Recovers From Loss Position To Record $49m Profit In 2022

wontumionlineBusinessGhana, Rahul Dhir, Tullow Oil

Tullow Oil recovered from its loss position in 2021 to record a profit of $49 million in 2022. The oil giant lost $81 million in 2021. Data published by the oil exploration indicates that the company’s gross profit reached $1.086 billion in 2022. This is compared with $647 million recorded in 2021. Details of the 2022 earnings The company’s revenue also went up by 40% to $1.7 billion. This included the hedge cost of $319 million. Tullow Oil CEO on 2022 profit and operations Commenting, the Chief Executive Officer of Tullow Oil, Rahul Dhir, noted that a high focus on…

15 Sep

Tullow Half Year Profit Hits $264 Million

wontumionlineBusinessTullow Oil

Tullow Oil’s half year profit reached US$264 million ending June 2022. This represents about 183% increase over what it posted in the first half of 2021. The numbers were captured in the company’s half year profit released on 14 September 2022. The numbers could show that Tullow Oil has “turn the corner” with improved financial result. The company also witnessed significant growth in its operations over the past year. Details of 2022 performance Tullow’s revenue also reached $845 million accrued from an oil price of $87 a barrel. The oil exploration firm puts its gross profit at $620 million ending…